Sichuan Kelun-Biotech Biopharmaceutical (6990) H2 2025 earnings summary

Executive summary

• Achieved significant progress in R&D, commercialization, and global partnerships, with four products launched, eight indications approved as of 2025, and multiple innovative oncology and immunology drugs approved and launched in China and global markets.

• Expanded product portfolio to over 30 pipeline assets and more than 10 clinical-stage products, supported by a workforce of over 2,000 employees.

• Commercialization team expanded to nearly 650, covering 1,200 hospitals and 300+ cities in China, with inclusion of key products in the National Reimbursement Drug List and coverage across 30 provinces.

• Strengthened global presence through licensing agreements and collaborations with MSD, Crescent Bio, Ellipses Pharma, and Windward Bio.

• Major product launches and regulatory approvals in oncology, including sac-TMT and trastuzumab botidotin.

Financial highlights

• FY25 revenue reached RMB 2,057.9 million (CNY 2.06 billion), up 6.5% year-over-year; pharmaceutical product sales contributed RMB 542.7 million.

• Gross profit was RMB 1,478.8 million, up 16.1% year-over-year, with gross margin improving to 71.9%.

• Net loss for the year was RMB 382.0 million, up 43.2% from FY24, mainly due to higher R&D and selling expenses; adjusted net loss was RMB 211.3 million.

• R&D expenditure was RMB 1,319.7 million, up 9.4% year-over-year, reflecting stable investment in pipeline expansion.

• Cash and financial assets at year-end were RMB 4,559.4 million, boosted by a $250 million Hong Kong placement.

Outlook and guidance

• Plans to double commercialization revenue in 2026, with NRDL-covered products expected to drive over 80% of revenue.

• Anticipates further product approvals and expanded indications in China and internationally, with acceleration of clinical development for over 10 clinical-stage assets.

• Expects milestone and royalty income from global partners as pipeline matures and products are approved abroad.

• Continued investment in R&D, commercialization, and global partnerships, with sufficient resources to support ongoing development.